The French fashion house synonymous with Audrey Hepburn and Breakfast At Tiffany’s is eyeing Asia as its next big growth market, spurred by the rapidly rising incomes of the region’s nouveau riche.
Fifty-nine-year old label Givenchy, which is part of the world’s largest luxury group LVMH, plans to open ten new stores across Asia this year, six of which will be in China, Fabrizio Malverdi, Givenchy’s chief executive officer told Reuters in an interview on Thursday.
French fashion house Givenchy is best known for dressing celebrities such as film star Audrey Hepburn and the late Jackie Kennedy Onassis in classic styles.
Today, under the helm of chief designer Riccardo Tisci, the French fashion house is more associated with a modern and feminine twist, often with gothic touches.
In addition to its womenswear collections, Givenchy also designs haute couture, menswear, accessories and perfumes.
“Asia is playing a bigger role in fashion. It is really linked to the economic movement that’s really positive for the whole Asian market,” Malverdi revealed
China’s appetite for luxury goods fueled a record year for sales and profits at LVMH, underscoring Asia’s growing importance for the fashion industry. It reported global profit from recurring operations last year rose 29 per cent to 4.32 billion euros ($5.91 billion).
Asia accounted for about 34 per cent of LVMH’s sales last year, making it the company’s largest market along with Europe, which also accounted for 34 per cent.